Bitcoin Miners Exempt From Money Laundering Rules, US Says

Law360, New York (January 31, 2014, 1:54 PM EST) -- U.S. financial regulators on Thursday clarified that so-called bitcoin miners that do not exchange their virtual currency for dollars and investors that hold bitcoins on their own accounts are not money service businesses and do not have to comply with regulations targeting money laundering.

The Financial Crimes Enforcement Network said Bitcoin and other virtual currency producers and investors who do not exchange their digital currency into dollars as part of transactions with third-parties are not involved in money transfers. The rulings came in response to questions...